Chesapeake has now lost money in 6 straight quarters

Chesapeake Energy shares slid by as much as 4% in pre-market
trading on Thursday after the company reported another quarterly
loss.

The oil and gas production company posted an adjusted loss of
$0.14 per share, greater than the estimated loss of $0.11
according to Bloomberg. It was the sixth straight quarterly loss.

Revenue dropped 54% year-on-year mostly because of the slump
in commodity prices. At the same time, capital spending fell to
$456 million in the second quarter from $957 million during the
same time in 2015.

Chesapeake raised its full-year production guidance by
3%, and maintained its estimate for capital investments. It
expects to spend as much as $1.8 billion partly from cash it
earns by cutting costs.

CEO Doug Lawler said in the
earnings statement that Chesapeake has reduced its debt by
more than $1 billion this year, and made more progress lowering
its cash costs. The company lowered its full-year
production-expense guidance.